Monthly Payment and Total Interest
Authored by Chris Huppenthal
Mathematics
11th - 12th Grade
Used 30+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)
What is the Monthly Payment for a $1,000 loan?
340
$1,825.80
$5.37
$657,288
$317,288
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)
How many months is the loan?
30
240
360
120
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)
What is the Monthly Payment?
$340
$5.37
$657,288
$1,825.80
$317,288
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)
What is the total amount they will repay?
$340,000
$1,825.80
$657,288
$317,288
$340
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)
What is the the total interest repaid?
$317,288
$657,288
$1,825.80
$340,000
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Selling price: $320,000.
Down payment: 20 percent.
Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)
How much is the Down Payment?
$256,000
$64,000
$7.46
$1,909.76
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Selling price: $320,000.
Down payment: 20 percent.
Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)
How much is the Mortgage?
$256,000
$64,000
$7.46
$320,000
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